SA concert promoter Phil Rankine has winding up application lodged against one of his companies over $1.1m debt
After losing a Federal Court bid to have a $1.1 million debt for concerts — including a Prodigy gig in Adelaide — set aside, Phil Rankine’s company, Space Touring, faces imminent winding up.
- Phil Rankine loses bid to have $1.1 million debt set aside
- Rankine’s company chased for $4 million
- Phil Rankine in debt stoush with Adelaide A-lister
Elton John concert promoter Phil Rankine’s company, Space Touring, has failed to make good on a $1.1 million debt and faces imminent winding up.
Stirling company Duxton Entertainment has lodged a winding up application against Space Touring after recently winning a Federal Court tussle with Mr Rankine, a former reality TV star who appeared in hit show, The Block, with former wife Amity Dry.
Duxton was bankrolling concerts, which Mr Rankine’s company was staging, and the companies were meant to be sharing profits and losses.
But Duxton, which is headed up by commodities trader Ed Peter, says Rankine’s company Space Touring had not only not paid it profits earned, but also failed to return capital put up to finance the Prodigy and Supertramp concerts held in Adelaide this year.
Duxton made a statutory demand for payment of a $1.1 million debt, and with that debt not paid, under the Corporations Act Space Touring is now considered to be insolvent.
Duxton Entertainment is part of a suite of companies managed by Mr Peter, including two ASX-listed firms as well as the award-winning Crafers and Uraidla hotels.
In a separate Supreme Court matter a consortium of investors — including the former head of events for Wembley Stadium in the UK — is chasing another of Rankine’s companies, Space Production, for almost $4 million.
Those debts are related to the Florence and the Machine and Phil Collins concerts, also held in Adelaide this year.
Elton John ticketholders should not be alarmed about the two Adelaide concerts, which are scheduled to be held in December this year.
Chugg Entertainment owner Michael Chugg has told The Advertiser previously: “The shows will go ahead and we’re looking forward to delivering two incredible nights of Elton John to Adelaide in December.’’
Mr Rankine has a number of companies, and it is actually Space Events which is staging the Elton John concert.
In the matter related to Space Touring, Duxton had put up $727,500 for Prodigy, and $397,500 for Supertramp, with profits and losses to be shared between it and Mr Rankine’s company.
However, Space Touring has not repaid the money owed once the concerts were staged.
“As it transpired, the Supertramp concert was profitable but the Prodigy concert was not,’’ a Federal Court judgment handed down recently says.
“Touring’s arguments turn not so much on the calculation of the sum payable to Duxton in respect of its investment in the concerts, but on the identity of the company that is liable to pay it.’’
The court documents state that Mr Rankine argued that the money was owed by his other company, Space Production, not Space Touring.
But the judgment says that Mr Rankine also made a personal guarantee with respect to the debts, which was clear in the investor agreements.
The judgment also said it was clear that the money was to be used to finance the two concerts.
“Emails passing between (Duxton) and Mr Rankine clearly show that the payments and roll overs to which (Duxton) refers were referable to the financing of the Supertramp and Prodigy concerts,’’ it says.
The Advertiser has attempted to contact Mr Rankine numerous times in recent weeks with no success.
cameron.england@news.com.au